Develop EA based on Bheurekso Pattern Indicator (MT5)

Jagita Capital EA

Trading Platform: Metatrader5

Set Ups

This EA’s building block is the Bheurekso Pattern (which uses price action) indicators.

Figure of Bheurekso Pattern on a Computer

Sample 1. Downtrend

Sample 2. Uptrend

Entry Rules

Sell

SELL when any of the following price action set ups form on the chart:

·         Bearish Engulfing

·         Bear Cross

·         Dark Cloud

·         Shooting Star

·         Bear Harami

·         Evening star

Buy Signals

BUY when any of the following price action set ups forms on the chart:

·         Bullish Engulfing

·         Bull Cross

·         Bull Harami

·         Bullish piercing

EXIT

·         Option 1: Close the trade on opposite signal as defined above (Bheurekso Patterns).

For example, exit BUY if any of the SELL signals mentioned above form on the chart.

·         Option 2: Exit All, TP, Trailing Stop, and SL as will be defined below.

·         Keep holding Old Trades when a new signal of same NATURE materializes but move the SL and TP to the new signal’s SL and TP.

NB: Same Nature refers to a BUY or SELL. For example, if a BUY was entered when a bull cross formed, continue holding the buy trade if bullish piercing or any buy signal forms but change the SL & TP to the SL and TP of the new position.

·         Enter a new trade while holding OLD ONES of the same nature if a NEW SIGNAL of similar nature materializes.

Take Profit

·         TP to have two options:

Option 1: Horizontal Lines

In case of a buy retracing a previous path, the TP can be at the next previous Horizontal Line indicated on the charts.

In case of a sell retracing a previous path, the TP can be at the next previous Horizontal Line indicated on the charts.

Option 2: In Points

In case of a buy making new highs, the TP can be stated in points.

In case of a sell making new lows, the TP can be stated in points.

NB// Can be stated as a condition such that “in points” is only implemented when “Horizontal lines” are unavailable (where price is making new highs or lows).

Note also that I do not want the EA to enter a trade once it closes either on Exit All, TP, Trailing Stop, or SL unless another signal materializes. In other words, once the EA quits the current position, let it wait until another signal materializes.

However, the only exception for this condition is when the trade exits on opposite signal because it will enter a trade based on the signal that has materialized on the chart.

Stop Loss

·         SL to have only one option:

Option 1: Horizontal Lines

The stop loss to be STRICTLY at the Horizontal Line formed at the signal candle.

NB/ The EA is to have a tight SL and this is the only way to ensure this.

Other Exit and Trailing features

Exit All

Have an Exit All feature which closes all positions when the aggregate profit is say $ 10. This should be stated in USD and not in pips. Aggregate profit for Exit All feature to be executed should be stated by the user. Default should be $ 10.

Trailing Feature

The profit should be trailed when the following conditions are met:

Condition: Start trailing profit when the order covers half the distance between TP and Entry Price. Therefore, trailing start is expressed as given in the example below:

Example

Buy: Trailing Start = (TP- Entry Price)/2 or 0.5*(TP- Entry Price)

Sell: Trailing Start = (Entry Price -TP)/2 or 0.5*(Entry Price -TP)

NB: Set Trailing Start, Trailing Stop, and Trailing Step as a fraction[decimal] of (TP- Entry Price) for buy and (Entry Price -TP) for sell. The user should only state the fraction[decimals] in the input settings and the system should compute these values automatically, when a trade is placed. In other words, the user should only give the fraction in the input settings:

Default fractions should be: Trailing Start = 0.5 & Trailing Stop = 0.25

E.G.

If Trailing Start = 0.5 & Trailing Stop = 0.25, this means 0.25*(TP- Entry Price) for buy. The buy position starts trailing when the position covers half the distance (Entry Price -TP) and the SL will be 0.25*(Entry Price -TP) points aways from the current price.

Partial Profit Closer

Add a Partial Profit Closer feature which closes a given amount of lot when the following conditions are met:

Buy: Trailing Start = (TP- Entry Price)/2

Sell: Trailing Start = (Entry Price-TP)/2

Example: If a sell position of lot 0.02 meets the above condition, the partial profit closer closes 0.01 and begins to trail the remaining 0.01 as defined in the trailing feature above.

NB/ User should choose True/False and specify the lot he/she wants closed.

Day Feature

·         Allow the user to select which days to trade. So, include 7 days, including the weekends. Days are selected by choosing Tue or False.

No. of Trades Feature

·         Include a feature which allows the user to specify the number of trades he or she wishes to place per signal (enables the user to open multiple positions for the same pair at the same time, when a signal materializes). For instance, if he/she specifies 2, the EA will open 2 positions when a signal materializes. The default should be 1.

Retry Feature

·         Sometimes when you try to open a position on Deriv Market, it gives the output “Market is closed” and fails to open the position. I want a feature which can attempt to try placing the position again after some minutes say 10 minutes or 20 minutes (so allow the user to select time after which to retry). The feature will only RETRY if the fist attempt was unsuccessful and should be defined in minutes. The reattempt should be repeated in intervals of the specified time until a position is successfully opened, after which there will be no more attempts.

E.g If the RETRY FEATURE is ON and TIME is given as 10 MINUTES, a failed attempt to place a position when a signal materializes will be attempted again after 10 MINUTES.

Other Specifications

• The bot should have a unique Magic Number, which can be changed.
• The bot should allow the user to select different timeframes.
• The bot should allow the user to specify the lot size when dragged to a chart or open the minimal lot size for that asset. 
• Allow the bot to take a lot size as small as 0.001 because the Deriv products I trade have these small sizes.
• Allow the indicator (Bheurekso Pattern) to be used as a resource. (I have sent both the indicator and its source code). I would love it incorporated in the EA such that if the EA is loaded on the chart, the indicator also appears on the chart.
• TP, SL, and Trailing stop should be visible (should not be virtual). I want them seen so that the user can modify them if he/she so wishes.